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Richard Taylor
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May 22, 2010 - 10:24 am
Really just did a 6 pack of non strata brick units thru CBA only last week.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 22, 2010 - 8:02 am
Most lenders thru the Broker Channel also would have no issue lending to a Unit Trust.
Your set up is common with many clients so nothing unusual there.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 21, 2010 - 11:26 am
Personally i wouldnt be putting in a one third deposit down on an investment property when placing the funds in an offset account will have the same interest savings.
Remember you may want access to the savings for personal expenditure or another deposit on a future PPOR and placing it in an offset account gives you the best of both worlds.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 21, 2010 - 7:00 am
Black
Thing you are living in the past my friend.
Cant think of too many lenders where you dont actually have to declare an actual income on a lodoc loan these days.
Richard Taylor | Australia's leading private lender
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May 20, 2010 - 10:53 am
Yes there is but you need to have excellent credit & employment history and genuine savings for the balance.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 18, 2010 - 1:15 pm
Realistically even at a $300K purchase price you would probably need to have saved a minimum of $20K + FHOG (Maybe more depending in which State you are buying and whether there is any First Home Buyer Concession on the Stamp Duty).
Lenders will want to see this saved over a minimum of 3 months.
Alternative would be to look at getting your parents to either borrow against their security and then in turn lend these funds to you or use their equity as security and provide a limited guarantee.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 17, 2010 - 9:39 pm
At 65% + it is 6.55% (CAR) so take your choice.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 17, 2010 - 11:11 am
Yes funny you say that I hear so many clients tell me their Broker seemed to have his own agenda and wasnt particularly interested in assisting them.
Mortgage Brokers are remunerated by the lender with whom they place you loan business with and their service comes at no cost to the client.
A Broker has access to 101 lenders and can therefore structure the loans in such a manner that allow access to your equity and combat issues such as serviceability by using different lenders where approproate.
Where possible i would always suggest having the loans standalone.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 17, 2010 - 6:42 am
A bit of additional information would be needed but based on the information to hand she seems to have sufficient income with a couple of lenders i can think of.
Dont think selling the PPOR is necessary although have the loans all crossed doesnt help when one lender says NO.
Sounds like she needs a bit of restucturing not only on the loan type but also the security held.
Richard Taylor | Australia's leading private lender
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May 15, 2010 - 10:31 am
Ambosh
Yes was a for a British citizen who purchased in Texas.
Max 60% lvr.
Richard Taylor | Australia's leading private lender
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May 14, 2010 - 10:28 pm
GOM
Yes the NAB Product is only available thru FAST, Plan and Choice Brokers.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 14, 2010 - 6:07 am
Banker wasnt refering to TCU.
NAB Advantage rate with no applic / valuation or any ongoing fees is 6.55% or 6.45% less than 65% lvr.
Richard Taylor | Australia's leading private lender
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May 13, 2010 - 10:00 pm
Bristow
Sounds to me like you need a structured mortgage broker rather than a Financial Planner as you appear to be looking for loan advice.
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May 13, 2010 - 9:59 pm
Just because the majority agree for capital expenditure you cannot enforce such expenditure unless lot owners agree,
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May 13, 2010 - 12:15 pm
You can stil get 6.45% (post May rate increase) with No application / valuation / lenders legals fees.
No monthly or any ongoing fees.
Richard Taylor | Australia's leading private lender
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May 12, 2010 - 10:12 am
GP marginally more dont think so… not in Qld anyway.
In Qld you can work on nearly 2.5 x what it would be for an owner occupied property.
Stamp Duty is added to the Cost Base when calculating CGT.
Richard Taylor | Australia's leading private lender
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May 12, 2010 - 5:30 am
Bin
Yes it is a myth but yes you can there are the odd lender left who will lend to a Unit Trust.
Richard Taylor | Australia's leading private lender
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May 11, 2010 - 8:40 am
Hi Maws
Hate to say constructing 5 Townhouses as you first project is not going to be easy even if you do have approval to do so.
Equity and the ability to repay the loan will be important but as always additional information would be required to assess the deal and analysis whether it could be viably funded.
Richard Taylor | Australia's leading private lender
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May 11, 2010 - 8:36 am
Have both of you considered a second valuation with an alternative lender ?
Other than this raising a deposit thru a personal loan maybe an option but not easy these days.
Vendor finance for the deposit is fairly unlikely as most sellers wouldnt understand or be prepared to take on the deal.
Richard Taylor | Australia's leading private lender
Richard Taylor
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May 11, 2010 - 8:34 am
The current rate with Pepper is not attractive and certainly would suggest going that route.
You wont get finance with any of the majors unfortunately at normal rates although oen of the majors does have a non conforming arm which may look at the deal.
At a 90% lvr i think the deal would be doable with a non bank lender at sensible rates.
Richard Taylor | Australia's leading private lender